I have no idea if this is valid, or if anyone still cares, but I found this today and figured I'd post it:

From "Watch With Kristin" on EOnline:

Wonderfalls Update: Though the ship may have sailed on Angel, there is still hope for another quality scripted series, Wonderfalls--which happens to be helmed by former Angel boss Tim Minear. Sources tell me UPN has passed on picking up the former Fox series for the same reasons they passed on Angel. However, good news: The WB execs have decided to review an episode of Wonderfalls along with its pilots, which means it is in the running for the fall season.

I just read in the August 13 issue of Entertainment Weekly, that even though only 4 episodes aired, they filmed 13 hours and it will be released on DVD in January. They also hinted at a possible feature film.